Audited Results for the 12 Months to 30 June 2015
The directors of IMC Exploration Group plc are pleased to present the Financial Results for (‘IMC’) for the twelve months to 30th June 2015.
Chairman’s Statement
Further to our announcement in March 2015, in which we signed an agreement with Koza Limited, a subsidiary of Koza Altin Isletmeleri A.S., we have recently signed the final Joint Venture agreement on IMC’s precious metal exploration licences in Wicklow and Wexford whereby Koza will fully fund the works programme on these licence areas with investment of EUR3.4 million for a 75% interest in these licences.
It is agreed Koza will fully fund the works programme on these licence areas with investment of €3.4 million for a 75% interest in these licences. The JV agreement was approved by the Minister for Communications, Minerals and Natural Resources and formally signed by both parties.
Koza is the leading Turkish international mining company with 4 operating mines. In 2014 they produced 317 thousand oz of gold and have gold reserves of 4.2 million ounces. Koza Gold is capable of carrying out all processes from the stage of exploration to production.
In tandem with the Koza / IMC precious metal programme, IMC itself is committed to a works programme on the 10 base metal licence areas and is currently in discussions with interested parties to progress this.
Furthermore, in order to fulfil its stock market potential, IMC is seeking a standard listing on the main market of the London Stock Exchange. Advisors, Keith Bayley Rogers have already commenced this process and have indicated this can be achieved within the final quarter of 2015. The London Stock Exchange is one of the world’s foremost markets for admission and trading of equity and includes many of the world’s most successful and dynamic companies.
The commencement of the works programme on our precious metal licences and the advancement of our base metal licences will ensure a regular, continuous, positive news flow.
We look forward to the coming weeks and months with enthusiasm for the exploration and corporate developments within the company.
The directors also wish to announce the issue of 5,008,212 new ordinary shares in consideration of services provided in relation to the joint venture agreement previously announced between the Company and Koza Limited.
Following this issue, there are 97,816,719 ordinary shares in issue, each carrying one voting right. The Directors of the issuer accept responsibility for this announcement.
Liam McGrattan
Chairman
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2015
Continuing Operations
| Notes | 2015 | 2014 | |
| € | € | ||
| Administrative expenses | (221,084) | (122,954) | |
| Operating Loss for the period | (221,084) | (122,954) | |
| Finance Income | – | 1,017 | |
| Loss on sale of investment | (135,164) | – | |
| Amount written off investment | (83,400) | (106,593) | |
| Loss for period before tax | (439,648) | (228,530) | |
| Income tax expenses | (1,093) | 5,408 | |
| Total comprehensive loss for the period | (440,741) | (223,122) | |
| Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 2 | 0.01 | 0.01 |
All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.
The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.
Consolidated Statement of Changes in Equity
for the year ended 30th June 2015
| Share | Share | Retained | ||
| Capital | Premium | Losses | Total | |
| € | € | € | € | |
| Balance at 30 June 2013 | 91,402 | 1,308,102 | (744,086) | 655,418 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (223,122) | (223,122) |
| Total comprehensive income for the period | – | – | (223,122) | (223,122) |
| Transactions with owners, recorded contributions by and distributions to owners directly in equity | ||||
| Shares issued | 16,000 | 368,675 | – | 384,675 |
| Share issue costs | – | – | – | – |
| Total transactions with owners | – | – | – | – |
| Balance at 30 June 2014 | 107,402 | 1,676,777 | (967,208) | 816,971 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (440,741) | (440,741) |
| Total comprehensive income for the period | – | – | (440,741) | (440,741) |
| Transactions with owners, recorded directly in equity contributions by and distributions to owners | ||||
| Shares issued | 5,008 | 62,992 | – | 68,000 |
| Share issue costs | – | – | – | – |
| Balance at 30 June 2015 | 112,410 | 1,739,769 | (1,407,949) | 444,230 |
Net equity is attributable to the holder of the ordinary shares in the Group.
Consolidated Statement of Financial Position
for the year ended 30th June 2015
| Notes | 2015 | 2014 | |
| € | € | ||
| Assets | |||
| Intangible assets | 524,724 | 524,724 | |
| Property, plant and equipment | 1,465 | 2,690 | |
| Investments | – | 281,818 | |
| Total Non-Current Assets | 526,189 | 809,232 | |
| Current Assets | |||
| Trade and other receivables | 111,671 | 111,403 | |
| Cash and cash equivalents | (26,685) | (32,304) | |
| Total Current Assets | 84,986 | 79,099 | |
| Total Assets | 611,175 | 888,331 | |
| Equity | |||
| Share Capital | 3 | 112,410 | 107,402 |
| Share premium | 3 | 1,739,769 | 1,676,777 |
| Retained deficit | (1,407,949) | (967,208) | |
| Attributable to owners of the Company | 444,230 | 816,971 | |
| Total Equity | 444,230 | 816,971 | |
| Liabilities – Current | |||
| Trade and other payables | 155,954 | 61,462 | |
| Current tax liabilities | 10,991 | 9,898 | |
| Total Liabilities | 166,945 | 71,360 | |
| Total Equity and Liabilities | 611,175 | 888,331 | |
Consolidated Statement of Cash Flows
for the year ended 30th June 2015
| 2015 | 2014 | ||
| Cash flows from operating activities | |||
| Loss for the year | (222,177) | (117,546) | |
| Adjustments for: | |||
| Income tax expense recognised in profit and loss | 1,093 | (5,408) | |
| Depreciation | 1,225 | 1,225 | |
| Cash from operations before changes in working capital | (219,859) | (121,729) | |
| Movement in trade and other receivables | (268) | 42,630 | |
| Movement in trade and other payables | 94,492 | (7,213) | |
| Net cash flow from operating activities | (125,635) | (86,312) | |
| Cash flows from investing activities | |||
| Interest received | – | 1,017 | |
| Proceeds from sale of investments | 63,254 | – | |
| Taxation | – | – | |
| Acquisitions and disposals | – | – | |
| Net cash (used in) investing activities | 63,254 | 1,017 | |
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 68,000 | – | |
| Finance income/(expense) | – | – | |
| Net cash generated by financing activities | 68,000 | 1,017 | |
| Movement in cash and cash equivalents | 5,619 | (85,295) | |
| Cash and cash equivalents at beginning of year | (32,304) | 52,991 | |
| Cash and cash equivalents at end of year | (26,685) | (32,304) | |
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
Statement of Compliance
As permitted by the European Union, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS’s) and their interpretations issued by the International Accounting Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of the Company (“Company financial statements”) have been prepared in accordance with the IFRS’s as adopted by the EU and as applied in accordance with the Companies Acts, 1963 to 2014 which permits a company that publishes its Company and Group financial statements together, to take advantage of the exemption in Section 148(8) of the Companies Act, 1963, from presenting to its members its Company Statement of Comprehensive Income and related notes that form part of the approved Company financial statements.
The IFRS’s adopted by the EU as applied by the Company and the Group in the preparation of these financial statements are those that were effective on or before 30 June 2015.
2. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
| 2015 | 2014 | |
| € | € | |
| Loss for the period attributable to equity holders of the parent | (440,741) | (223,122) |
| Number of ordinary shares in issue – start of year | 69,308,507 | 53,308,507 |
| Effect of shares issued during the year | 5,008,212 | 16,000,000 |
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 74,316,719 | 69,308,507 |
| Basic Loss per ordinary share (cent) | (0.01) | (0.01) |
3. Share capital
| 2015 | 2014 | ||
| € | € | ||
| Authorised equity | |||
| 200,000,000 Ordinary shares of €0.001 each | 200,000 | 200,000 | |
| 50,000 “A” Ordinary shares of €1 each | 50,000 | 50,000 | |
| 250,000 | 250,000 | ||
| Issued Capital | |||
| Ordinary Shares fully paid up | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2013 | 53,308,507 | 53,309 | 1,308,102 |
| Shares Issued for Non-Cash | 16,000,000 | 16,000 | 368,675 |
| Balance at 30 June 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Balance at 1 July 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Shares Issued for Cash | 5,008,212 | 5,008 | 62,992 |
| Balance at 30 June 2015 | 74,316,719 | 74,317 | 1,739,769 |
| Fully paid ordinary shares which have a par value of €0.001 carry one vote and carry a right to dividends. | |||
| A Ordinary Shares Partly Paid | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2014 | 38,093 | 38,093 | – |
| Balance 30 June 2015 | 38,093 | 38,093 | – |
| Partly paid “A” ordinary shares which have a par value of €1 carry no voting rights or rights to dividends. | |||
| Total Shares | Share Capital | Share Premium | |
| € | € | ||
| Total at 1 July 2014 | 107,402 | 1,676,777 | |
| Shares Issued for Cash | 5,008 | 62,992 | |
| Total at 30 June 2015 | 112,410 | 1,739,769 | |
The Directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090